Pharmacy Industry Jobs.....

[CuriousPharmD]

I heard to make the most money in pharmacy (besides owning your own pharmacy of course), being in industry is the place to be. Does anyone currently work in industry or know something about it? Can you get an industry job right out of school, do you need a residency, what type of experience will benefit you to get a job in industry??

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[josh6718]

I heard to make the most money in pharmacy (besides owning your own pharmacy of course), being in industry is the place to be. Does anyone currently work in industry or know something about it? Can you get an industry job right out of school, do you need a residency, what type of experience will benefit you to get a job in industry??

Industry doesn't pay bad, around $50-60k from what I've heard, but as far as I know, retail is the way to go if you're in it for the money.

 

[kwizard]

Industry doesn't pay bad, around $50-60k from what I've heard, but as far as I know, retail is the way to go if you're in it for the money.

50-60k is really underestimating things unless you are talking about an entry level drug rep (in which case the PharmD would overqualify you). Please see the following link:

http://forums.studentdoctor.net/showthread.php?t=261780&highlight=kwizard

Average Careers in industry for a clinical pharmacist:

Clinical Education Consultant (CEC, typically a PharmD possibly w/ one yr residency and/or MBA who educates various drug reps and/or holds various meetings in the area educating other healthcare practitioner. Avg Salary(entry level): 90-110k + yearly bonus as range of bonus may vary w/ sucess in the area)

Medical Science Liaison (PharmD possible w/ 1-2yr residency/fellowship as specialty in a particular area may be desired. This individual may also help w/ educating other physicians, CEC, drug reps, and possibly assisting w/ clinical trial development, or postmarketing surveillance. Avg Salary(entry level): 100-130k/yr + bonus).

Research positions (i.e. benchmark w/ likely PharmD w/ extensive research training due to either experience, fellowship, and/or PharmD/PhD, or just PhD (no PharmD). Still doing 100-120k/yr on the avg, the max on the salary can increase quickly depending on how successful you are in getting products through clinical trials and/or obtain patents so you can get.

 

[pharmwannebe2]

Industry doesn't pay bad, around $50-60k from what I've heard, but as far as I know, retail is the way to go if you're in it for the money.

jeez that is all they make?!
screw that go into retail. after taxes it is like 70k/80k

 

[ApothRM]

how competitive is it to land a cec or msl position?

 

[BiOGoly]

50-60k is really underestimating things unless you are talking about an entry level drug rep (in which case the PharmD would overqualify you). Please see the following link:

http://forums.studentdoctor.net/showthread.php?t=261780&highlight=kwizard

Average Careers in industry for a clinical pharmacist:

Clinical Education Consultant (CEC, typically a PharmD possibly w/ one yr residency and/or MBA who educates various drug reps and/or holds various meetings in the area educating other healthcare practitioner. Avg Salary(entry level): 90-110k + yearly bonus as range of bonus may vary w/ sucess in the area)

Medical Science Liaison (PharmD possible w/ 1-2yr residency/fellowship as specialty in a particular area may be desired. This individual may also help w/ educating other physicians, CEC, drug reps, and possibly assisting w/ clinical trial development, or postmarketing surveillance. Avg Salary(entry level): 100-130k/yr + bonus).

Research positions (i.e. benchmark w/ likely PharmD w/ extensive research training due to either experience, fellowship, and/or PharmD/PhD, or just PhD (no PharmD). Still doing 100-120k/yr on the avg, the max on the salary can increase quickly depending on how successful you are in getting products through clinical trials and/or obtain patents so you can get.

Those quotes are probably right on for "averages", but certainly not for starting wages. The thing about industry is that entry wages are lower, but you have unlimited upside...if you're willing to put in long hours, are bright and have good people skills, you can work your way up the corporate ladder into payscales only dreamed about in lowly retail. However, not everyone can be a junior VP at Pfizer. Pharmacy practice offers a high salary right off the bat and you can actually be employed anywhere in the country, as opposed to the three or four "pharma" hubs where you'd be able to find industry work. Personally, I would like to work in industry, but I just don't want to pack up and move to SF or New Jersey.

 

[BiOGoly]

how competitive is it to land a cec or msl position?

I don't know about CEC, but MSL is basically an inside track...you know someone or someone knows you. Also, most companies want you to have experience in the area you are covering so you would probably need at least 5 years in before you could get a gig as an MSL, although again it all depends on your connections.

 

[pharm_girl]

Research positions (i.e. benchmark w/ likely PharmD w/ extensive research training due to either experience, fellowship, and/or PharmD/PhD, or just PhD (no PharmD). Still doing 100-120k/yr on the avg, the max on the salary can increase quickly depending on how successful you are in getting products through clinical trials and/or obtain patents so you can get.

If I just have a PharmD, would I have a hard time getting a lab research position (drug discovery, drug action, etc.) or will I get limited research work with lower pay than others that have PharmD & PhD?

 

[kwizard]

Those quotes are probably right on for "averages", but certainly not for starting wages. The thing about industry is that entry wages are lower, but you have unlimited upside...if you're willing to put in long hours, are bright and have good people skills, you can work your way up the corporate ladder into payscales only dreamed about in lowly retail. However, not everyone can be a junior VP at Pfizer. Pharmacy practice offers a high salary right off the bat and you can actually be employed anywhere in the country, as opposed to the three or four "pharma" hubs where you'd be able to find industry work. Personally, I would like to work in industry, but I just don't want to pack up and move to SF or New Jersey.

Actually those quotes are for "starting" salaries. Perhaps we are saying the same thing, but differently. Trying to go into industry w/ just a PharmD and no other auxillary experience would indeed be a hard task as the drug rep is perhaps your only option or perhaps some type of research assistant position. People pay you for what you have proven a capacity to do. Passing the NAPLEX in theory validates your capacity to practice pharmacy (i.e. working in hospital/retail/long term care/etc).

So if you are trying to get a position that doesn't rely heavily on your capacity to practice pharmacy then your pay will reflect the avg pay in that area as having a pharmacy degree may not count for much (oustide of a knowledge base). To be a good drug rep, being a good salesman may be just as important as knowing alot about the drug. Research in a lab speaks for itself as unless you have proven experience in research than you are likely to be devoid a skill set to function w/ any autonomy as a researcher so your pay will reflect that deficit.

Back before the pharmacy shortage the only jobs for new grads were in retail as the hospitals were fully staffed and didn't care to take a chance on a new grad. Given the various differences in hospital vs retail pharmacy and the consistent greater need/demand for pharmacists in a community setting, that was the only option prior to the vast shortage in both settings we all see today. Some hospitals are still a little bit tentative about hiring new grads, hence another one of the vairous motivators for pharmacy practice residencies as it certainly isn't all about being "clinical" (i.e. cheap labor and inexpensive trainee).

So yes, pharmacy practice is where the shortage is and where the immediate big bucks are. However, the downside of pharmacy practice is that the salary doesn't fluctuate much outside of the annual increases in cost of living (which stiil aint bad). Therefore if you find a setting that you enjoy and are good at and then can convince others that you are good at what you do, other doors start to open. Typical example of this is the pharmacist in academia (clinical or resarch based) or even in clinical practice who collaborates on research or does formulary management/drug reviews/side effect monitoring for a couple of years (avg 5-10yrs) and develops some relationships w/ drup reps, CECs, MSLs, etc.

Before you know it you get an offer to join the industry field typically about for a fairly descent salary (as stated previously) depending on area w/ the offer to work out of your home as an office (for CECs and MSLs which is really great for female clinical pharmacists who may want to stay at home, but still work full time) w/ occasional trips to the main office in NJ or CA so I wouldn't allow geographic predisposition to limit your aspirations. ACCP posts these kinds of positions regularly. The bump in salary is really appreciated for those who may have worked in academic for the past 5-10yrs and/or haven't excelled in faculty appointment to their liking or are simply in search for a change in career function.

 

[kwizard]

If I just have a PharmD, would I have a hard time getting a lab research position (drug discovery, drug action, etc.) or will I get limited research work with lower pay than others that have PharmD & PhD?

With just the PharmD things would be difficult. Two options for basic research would be to go for the PhD or do a fellowship. Some often do both as you can maintain some secondary fellowship funding during the latter 2 yrs of your PhD program (depending on where you are). So yes, w/o other experiences or previous yrs of experience your pay and possibly even your job function will be less than colleagues w/ more credentials and/or experiences.